The Indian equity market has witnessed sharp swings over the past year, but the last six months have seen a notable rebound, particularly from March 2025, after a steep correction from the late-September 2024 peak through early March 2025. During this six-month period ending September 17, 2025, the Nifty 50 Total Return Index (TRI) advanced 14 per cent, while the Nifty Midcap 150 TRI and Nifty Smallcap 250 TRI gained 21 per cent and 24 per cent, respectively.
This rebound coincided with steady mutual fund inflows, allowing managers to build positions in favoured midcaps. Mutual funds have remained steady net buyers, pumping in nearly ₹2.5 lakh crore into equities over the same period. This ample liquidity, coupled with market volatility, has given active managers opportunities to accumulate quality stocks at attractive levels.
Midcap stocks fund managers kept buying
Against this backdrop, here are the midcap stocks that active fund managers have consistently added to their portfolios over the past six months. The selection features stocks that saw a significant increase in the number of equity schemes investing in them from February to August 2025, narrowed down to those with consistent month-on-month increases in scheme participation for at least four of those six months.
All equity and hybrid categories excluding Index funds, Exchange Traded Funds (ETFs) and arbitrage funds were considered for the study.
The top three names are Swiggy, One97 Communications, and IDFC First Bank. The count of active equity schemes holding Swiggy climbed to 144 in August 2025, up from 90 in February 2025, with fresh additions from HDFC Flexi Cap, Axis Midcap, and Nippon India Multi Cap.
One97 Communications, the parent of Paytm, witnessed an increase to 103 from 51 over the same period, led by new entries such as Motilal Oswal Large & Midcap, Canara Rob Mid Cap, and UTI Multi Asset Allocation. Meanwhile, IDFC First Bank witnessed an increase to 48 schemes in August 2025 from just 9 in February, with Sundaram Mid Cap, Franklin India Mid Cap, and Bandhan Value Fund among the notable new investors.
Published on September 19, 2025